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Pepco Holdings Reports Third-Quarter 2012 Financial Results; Narrows 2012 Earnings Guidance Range

Reconciliation of GAAP Financial Information to Adjusted Financial Information

   
Three Months Nine Months
Ended Ended

Net Income from Continuing Operations – Millions of dollars

September 30,

September 30,
2012   2011 2012   2011
Reported (GAAP) Net Income from Continuing Operations $ 112   $ 80 $ 242   $ 237
Adjustments (after-tax):

--

 

Mark-to-market (gains)/losses from Pepco Energy Services retail energy economic hedging activities (($8) million, $5 million, ($20) million, and $12 million pre-tax, respectively)

(5 ) 3 (12 ) 7
-- Impairment charges related to Pepco Energy Services long-lived assets ($2 million and $5 million pre-tax, respectively)   1       -  

3

      -

Adjusted Net Income from Continuing Operations (Non-GAAP)

$ 108     $ 83 $ 233     $ 244
 
   
Three Months Nine Months
Ended Ended

Earnings per Share from Continuing Operations

September 30, September 30,
2012   2011 2012   2011
Reported (GAAP) Earnings per Share from Continuing Operations $ 0.49   $ 0.35

$

1.06   $ 1.05
Adjustments (after-tax):

--

 

Mark-to-market (gains)/losses from Pepco Energy Services retail energy economic hedging activities

(0.02 ) 0.01 (0.05 ) 0.03

--

Impairment charges related to Pepco Energy Services long-lived assets

  -       -   0.01       -
Adjusted Earnings per Share from Continuing Operations (Non-GAAP) $ 0.47     $ 0.36 $ 1.02     $ 1.08
 

The income tax effect with respect to the foregoing adjustments was calculated using a composite income tax rate of approximately 40 percent.

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